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Why Do Emerging Economies Borrow Short Term?
Broner, Fernando A; Lorenzoni, Guido; Schmukler, Sergio - C.E.P.R. Discussion Papers - 2007
We argue that emerging economies borrow short term due to the high risk premium charged by bondholders on long-term debt. First, we present a model where the debt maturity structure is the outcome of a risk sharing problem between the government and bondholders. By issuing long-term debt, the...
Persistent link: https://www.econbiz.de/10005789190
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International Good Market Segmentation and Financial Market Structure
Basak, Suleyman; Croitoru, Benjamin - C.E.P.R. Discussion Papers - 2003
While financial markets have recently become more complete and international capital flows well liberalized, markets for goods remain segmented. To investigate how more complete security markets may relieve the effects of this segmentation, we examine a series of two-country economies with...
Persistent link: https://www.econbiz.de/10005662013
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Trade Credit and International Return Comovement
Albuquerque, Rui; Ramadorai, Tarun; Watugala, Sumudu - C.E.P.R. Discussion Papers - 2011
We examine trade credit links between firms as a channel of international return comovement. We model firms in different countries connected by trade credit links in segmented stock markets with asymmetrically informed investors. The model predicts that the cross-serial correlation of country...
Persistent link: https://www.econbiz.de/10008854544
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Retained State Shareholding in Chinese PLCs: Does Government Ownership Reduce Corporate Value?
Estrin, Saul; Tian, Lihui - C.E.P.R. Discussion Papers - 2005
The role of government shareholding in corporate performance is central to an understanding of China’s newly privatized large firms and the stock market. In this paper, we analyse shareholders as agents that can both harm and benefit companies. We examine the ownership structure of 826 listed...
Persistent link: https://www.econbiz.de/10005656424
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Governance with Poor Investor Protection: Evidence from Top Executive Turnover in Italy
Volpin, Paolo - C.E.P.R. Discussion Papers - 2002
This Paper studies the determinants of executive turnover and firm valuation as a function of ownership and control structure in Italy, a country that features low legal protection for investors, firms with controlling shareholders, and pyramidal groups. The results suggest that there is poor...
Persistent link: https://www.econbiz.de/10005136454
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Managerial Power and Rent Extraction in the Design of Executive Compensation
Bebchuk, Lucian Arye; Fried, Jesse; Walker, David I - C.E.P.R. Discussion Papers - 2002
constraints that act on these processes, leave managers with considerable power to shape their own pay arrangements. Examining the …
Persistent link: https://www.econbiz.de/10005114260
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Executive Compensation as an Agency Problem
Bebchuk, Lucian Arye; Fried, Jesse - C.E.P.R. Discussion Papers - 2003
instrument for addressing the agency problem between managers and shareholders but also as part of the agency problem itself … managers. As a result, managers wield substantial influence over their own pay arrangements, and they have an interest in … reducing the saliency of the amount of their pay and the extent to which that pay is de-coupled from managers’ performance. We …
Persistent link: https://www.econbiz.de/10005662270
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The Geography of Asset Trade and the Euro: Insiders and Outsiders
Coeurdacier, Nicolas; Martin, Philippe - C.E.P.R. Discussion Papers - 2007
This paper analyzes the determinants of cross-border asset trade on cross-country data and a Swedish data set. We focus our analysis on the effect of the euro for the determinants of bond trade, equity and banking assets. With the help of a theoretical model, we attempt to disentangle the...
Persistent link: https://www.econbiz.de/10005497990
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The International Financial Integration of China and India
Lane, Philip R.; Schmukler, Sergio - C.E.P.R. Discussion Papers - 2006
Three main features characterize the international financial integration of China and India. First, while only having a small global share of privately-held external assets and liabilities (with the exception of China’s FDI liabilities), these countries are large holders of official reserves....
Persistent link: https://www.econbiz.de/10005662395
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Do Trade Costs in Goods Market Lead to Home Bias in Equities?
Coeurdacier, Nicolas - C.E.P.R. Discussion Papers - 2008
Two of the main puzzles in international economics are the consumption and the portfolio home biases. We solve for international equity portfolios in a two-country/two-good stochastic equilibrium model with trade costs in goods markets. We show that introducing trade costs, as suggested by...
Persistent link: https://www.econbiz.de/10005661811